Secure Choice is launching in 2018 – visit our new program website at www.ILSecureChoice.com.
The Illinois Secure Choice Proposed Rules have been filed for first notice with the Secretary of State's Office and can be viewed here. The 45 day comment period ends on July 30th.
The Illinois State Treasurer’s office administers the Illinois Secure Choice Savings Program Act (Secure Choice) on behalf of the Secure Choice Board. Secure Choice is run by a seven-person Board, with Treasurer Frerichs serving as Chair.
Secure Choice offers Illinois businesses with at least 25 employees, that have been in business for two or more years, and who do not currently provide a qualified savings plan the option to either offer a private market savings vehicle, or automatically enroll their employees into Secure Choice.
Secure Choice participants will be enrolled in a default target date Roth IRA with a default five percent payroll deduction, but could choose to change their contribution level or fund option at any time, or choose to opt-out of the program altogether. Accounts are owned by individual participants and will be portable from job-to-job.
An estimated 1.2 million workers will gain access to employer-based retirement savings plans through Secure Choice. Individual accounts will be pooled and managed by a private investment company selected through a competitive bidding process.
The Secure Choice pilot program began in May of 2018 and full program rollout will begin in November. For more information, visit www.ILSecureChoice.com or see one of the fact sheets below. View materials from the Secure Choice Board Meetings here.
Saver Overview - Spanish
Employer and Saver FAQs
Implementation Update: Secure Choice implementation will be divided into three waves and employers will be assigned to a wave based on their size:
- May 2018: Pilot Phase
- November 2018, Wave 1: Employers with 500+ employees
- July 2019, Wave 2: Employers with 100-499 employees
- November 2019, Wave 3: Employers with 25-99 employees
Please contact us for more information about Secure Choice, or call the Treasurer's Office at (312) 814-8955.
Secure Choice Board Members
Illinois State Treasurer Michael Frerichs, Chair
John Gay, Designee for the Illinois State Comptroller’s Office
Curt Clemons-Mosby, Designee for the Governor's Office of Management and Budget
Miriam Martinez, Appointee
David Marzahl, Appointee
David Rappaport, Appointee
John Rauschenberger, Appointee
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